Wärtsilä Corporation. Interim Report January-March 2006 Ole Johansson, President & CEO. 4 May Wärtsilä

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Download "Wärtsilä Corporation. Interim Report January-March 2006 Ole Johansson, President & CEO. 4 May Wärtsilä"

Emma Elstelä
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1 Wärtsilä Corporation Interim Report January-March 26 Ole Johansson, President & CEO 4 May 26

First-quarter highlights 26 Net sales from comparable operations grew to EUR 591.9 million (483.8) Operating income from comparable operations improved to EUR 35.

2 First-quarter highlights 26 Net sales from comparable operations grew to EUR million (483.8) Operating income from comparable operations improved to EUR 35.9 million (29.3) Profitability 6.1% (6.) Order intake grew 51.% to EUR 1,23.4 million (678.) Order book at new record level EUR 3,415.4 million (2,66.9) EPS increased to EUR.55 (.33) 2

Key figures Net sales by business Q1/26 Ship Power 25.6% (27.7) Power Plants 23.6% (22.6) MEUR Q1/6 Q1/5 25 Net sales 591.9 483.8* 2,52.3* Operating income 35.9 29.3* 22.5* Income before taxes 4. 42.

3 Key figures Net sales by business Q1/26 Ship Power 25.6% (27.7) Power Plants 23.6% (22.6) MEUR Q1/6 Q1/5 25 Net sales * 2,52.3* Operating income * 22.5* Income before taxes ** Earnings/share, EUR Services 5,6% (49.2) * Wärtsilä s business comprises the Ship Power, Services and Power Plants businesses. Imatra Steel, reported as the company s second business segment in 25, was transferred to Oy Ovako Ab. For comparability reasons net sales and operating income are presented without Imatra Steel. ** The first-quarter result 26 includes Wärtsilä's share of Ovako's profit after taxes, EUR 6.7 million. The figure in the comparison period includes Imatra Steel's pretax profit of EUR 16.5 million. 3

4 Key figures MEUR Net sales Order intake Order book % 27.8% 13.3% % 14.4% 67.8% 1, , % 2, % 113.5% 3,415.4 Q1/5 Q1/6 Q1/5 Q1/ Services Power Plants Ship Power 4

Order book distribution MEUR 2 18 16 14 12 1 8 Delivery

5 Order book distribution MEUR Delivery current year Delivery next year,

Measures taken to increase capacity in 27 and beyond Acquisition of machining capacity of Diesel Technology Solutions BV (DTS) in the Netherlands.

6 Measures taken to increase capacity in 27 and beyond Acquisition of machining capacity of Diesel Technology Solutions BV (DTS) in the Netherlands. Increasing capacity for engine assembly and testing in Vaasa and Trieste. Focused global sourcing. Suppliers investing in additional capacity. 6

Delivered engine megawatts from own factories MW 4 5 4 3 5 3 2 5

7 Delivered engine megawatts from own factories MW Q1/26 Power Plants Ship Power Estimate 7

Cash flow MEUR Q1/26 Q1/25 25 Cash flow from operating activities -1.7 6.9 76.

8 Cash flow MEUR Q1/26 Q1/25 25 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Liquid funds at the end of period

9 Solvency and gearing % 5 Solvency,6 Gearing 45 4,5 35 3,4 25,3 2 15,2 1 5, Q1/ Q1/6 NOTE: according to FAS, 24- IFRS Convertible subordinated debentures treated as equity 9

10 Business overview

11 Wärtsilä Ship Power Ship Power net sales MEUR Q1/6 Q1/5 Change Net sales % Order intake % Order book* 2, % 25.6% Market segments important for Wärtsilä have remained active. Wärtsilä has been particularly successful in LNG, offshore and cruise. of total net sales * End of period 11

12 Vessel Orders, # of vessels Tankers Bulk carriers Containers Others 3 months moving average dwt Volume [million DWT] # of vessels Source: Based on data from Clarkson Research Studies 12

13 Vessel Orders, other vessels # of vessels LNG carriers LPG carriers Reefers Other dry > 5, dwt Offshore & other Cruise vessels Ro-Ro ferries 3 months moving average dwt 2 1 # of vessels Volume [Million DWT] Source: Based on data from Clarkson Research Studies 13

Net sales of Ship Power by vessel type 8

14 Net sales of Ship Power by vessel type Bulk carriers 5% Container ships 13% Special ves sels & other 17% Tank ers 8% Offshore 22% Cruise & Ferry 2% General cargo 3% LNG 12% Q1/6 Tankers Bulk carriers Container ships Others 14

15 The market position of Wärtsilä s marine engines Q1/26 Own production Production by licensees Own production Medium speed main engines Low speed main engines Medium speed auxiliary engines Wärtsilä 46% (45) Wärtsilä 27% (24) Wärtsilä 1% (8) Comp. 2 2% Others 13% Comp. 2 16% Comp. 1 25% Comp. 1 71% Others 9% Total market volume last 12 months: 7,289 MW (6,676) Total market volume last 12 months: 19,775 MW (22,73) Total market volume last 12 months: 5,5 MW (5,22) Wärtsilä s own calculation is based on: Lloyd s Register Fairplay, Clarkson s Research Studies and BRL Shipping Consultants. Market shares based on installed power, numbers in brackets are from Q4/5. The total market is based on the volume of the last 12 months. Numbers in brackets reflect the volume of the last 12 months at the end of the previous quarter. 15

16 Wärtsilä Services Services net sales MEUR Q1/6 Q1/5 Change Net sales % Personnel* % 5.6% of total net sales Organic growth 16.6%. Services for low-speed engines continued to increase. Increase in demand of project and automation services. Automation acquisition in Norway. Ship service in the Baltic area further strengthened. * End of period 16

17 Services - market offering Range of services Engine Services Automation Services Reconditioning Services Propulsion Services Training Services Ship Services Operations & Management Services Power & Industrial Services 17

18 Automation acquisitions Supports Ship Power Supplier concept Supports growth in gas Growth opportunities in Services Total net sales (at purchase), MEUR 97 Personnel 723 AKPAS, Norway 26 Gerhardt, USA 25 Decam + Elco Systems, Netherlands 24 Total Automation, Singapore, expected to close Q2/6 18

Services - accelerating growth % % Services growth per Q Services share of sales 3 6

19 Services - accelerating growth % % Services growth per Q Services share of sales Q1/3 Q2/3 Q3/3 Q4/3 Q1/4 Q2/4 Q3/4 Q4/4 Q1/5 Q2/5 Q3/5 Q4/5 Q1/6 19

20 Wärtsilä Power Plants Power Plants net sales MEUR Q1/6 Q1/5 Change Net sales % Order intake % Order book* % 23.6% of total net sales Market active on a global basis. Majority of new orders for oil-driven power plants. Largest order in oil power plants was received from El Salvador. Largest orders in the gas power plants segment were from Gabon, Japan and Bangladesh. * End of period 2

21 Target markets per fuel MW HFO 1-6 MW LFO MW GAS MW Wärtsilä s market share 7.8% 8.7% 44.2% Note: Wärtsilä s gas power plant target markets have changed since Wärtsilä stopped manufacturing and selling high speed engines (power range < 3,5 MW) Source: Diesel & gas turbine worldwide, June 24-May 25 21

22 Gas power plant market MW Wärtsilä 7.8% Gas turbines 4,582 MW Market potential for Wärtsilä Rec.engines 2,992 MW Wärtsilä 19.8% 3 25 HFO 1-6 MW LFO MW GAS MW Note: Wärtsilä s gas power plant target markets have changed since Wärtsilä stopped manufacturing and selling high speed engines (power range < 3,5 MW) Source: Diesel & gas turbine worldwide, June 24-May 25 22

23 Power Plants - order intake Q1/6: 296. MW (36.) Europe 12 (45) Asia 99 (182) Americas 53 () (37) 12 (8) 89 (119) 1 (63) () 53 () Africa and Middle East 42 (79) Gas Oil 17 () 25 (79) 23

24 Wärtsilä s holdings The company was accounted for as an associated company from 1st of May 25. Wärtsilä s ownership in the company is 26.5%. Wärtsilä s share of the associated company s result was EUR 6.7 million (1-3/26). The holding s balance sheet value EUR million (31st March 26). Wärtsilä granted a shareholders loan of EUR 21.2 million to Ovako. The loan was repaid in April. Shareholders are looking at strategic options for the holding in Ovako. Wärtsilä owns 4.7% of Assa Abloy shares The holding s market value EUR million (31st March 26) from which deferred tax liabilities EUR 61.6 million has been recorded. 24

25 Market outlook 26 Ship Power Offshore, LNG and cruise remain active. In the near future Wärtsilä sees ordering activity continuing on high level. Power Plants Market situation remains good. Geographically demand distributed evenly. 25

Wärtsilä Outlook 26 Demand in the ship power and energy markets looks likely to remain favourable for Wärtsilä for at least the following six months.

26 Wärtsilä Outlook 26 Demand in the ship power and energy markets looks likely to remain favourable for Wärtsilä for at least the following six months. Forecast for the year unchanged: Based on the strong order book, Wärtsilä s net sales are expected to grow this year by as much as 2%. The profitability level reached in 25 will remain: Net sales are expected to show further growth in

27 Thank you! 27

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Wärtsilä Corporation. Interim Report January-June 2006 Ole Johansson, President & CEO. 4 August Wärtsilä Wärtsilä Corporation Interim Report January-June 26 Ole Johansson, President & CEO 4 August 26 Highlights Second-quarter Order intake EUR 1,19.1 million (841.8), growth 41.4%. Net sales from comparative